macmichael, so you infer that I’m angry? Well, my posts speak for themselves. But this real estate fiasco has made me angry at a lot of people. From Angelo Mozilo and his band of crooks who mad boatloads of money for themselves, but left shareholders to die. I’m angry at the speculators who lied about their incomes, whether they were purchasing a property for investment purposes, etc. on their Alt A mortgages to squeeze into homes and pushed home affordability to astronomical levels in California. I’m angry at the mortgae insurers and bond rating agencies who led to this mess by not accurately rating the risks of the companies’ making these loans. I’m angry that anyone would think that someone should receive a government bailout for risks people too that had they been successful would be rich today, but instead want a hand out for reckless decisions.
This thread has some information on an area I’m familiar with and has interesting properties where people still seem to think there is no credit crisis, no housing crisis, and homes still deserve to be priced high even though the easy money from 2003 to 2005 in unavailable. I lost money investing in Washington Mutual, Bear Sterns, Countrywide Financial, Fremont, Thornburg but luckily stayed clear of New Century.
The money I lost was due to a lot of people’s reckless behavior, influenced by greed and easy money. No one cared to think of the problems caused by extremely high housing prices, because too many people were making money from 2002-2006. Let all these people pay the price for their greed and risks. I paid the price for substantial losses in what I thought to be financially sound companies with smart management.
I say let the market play out, I just think it will be interesting to watch this area along with the Coastal regions who still think that housing prices deserve to go up 8-20% per year. I do hope that buyers are savvy enough to wait until prices drop to a point where they are not at risk to lose a home they cannot afford.
>>>Kam
From this and other writing you seem very angry about the Del Cerro area.
“This area is crazy if you ask me. If I were a lender I’d want a whole lot of skin in the game to assure that my money is going to be returned to me and not speculated with a “flip.””.
How come? If you think the area is so overpriced and lacks value why do you follow this thread?>>>
